4 unchanged sentences
Market risk is attributed to all market risk sensitive financial instruments, including long-term debt.
−Removed: As of December 27, 2019, we had cash and cash equivalents of $5.5 million.
−Removed: This amount represents cash on hand in business checking accounts with BMO.
+Added: As of January 1, 2021, we had cash and cash equivalents of $28.4 million.
+Added: This amount represents cash on hand in business checking accounts with BMO Harris Bank, N.A.
We do not engage in trading activities and do not participate in foreign currency transactions.
We are subject to interest rate risk in connection with our Term A Loan and borrowings, if any, under our revolving credit facility and delayed draw term loan, each of which bears interest at variable rates.
−Removed: As of December 27, 2019, $95.0 million was outstanding under our Term A loan, $30.0 million was outstanding under our delayed draw term loan, $5.0 million was outstanding and $2.7 million in letters of credit were issued under the revolving credit facility.
+Added: As of January 1, 2021, $85.0 million was outstanding under our Term A Loan, $27.0 million was outstanding under our delayed draw term loan, no borrowed amounts were outstanding and $2.7 million in letters of credit were issued under the revolving credit facility.
Each of our Term A Loan, revolving credit facility and delayed draw term loan mature as of June 26, 2024 and are governed by our Credit Agreement.
−Removed: Borrowings under the credit agreement bear interest at a rate equal to either, at our option, (i) the highest of the prime rate, the Federal Funds Rate plus 0.5% or one-month LIBOR plus 1.00% (the “Base Rate”) or (ii) LIBOR, in each case plus an applicable margin ranging from 0.125% to 1.00% with respect to Base Rate borrowings and 1.125% to 2.00% with respect to LIBOR borrowings.
−Removed: The applicable margin is based upon our consolidated total leverage ratio.
−Removed: We are also required to pay a commitment fee for the unused portion of the revolving credit Facility and the delayed draw term loan, which ranges from 0.15% to 0.35% per annum depending on our consolidated total leverage ratio, and fees on the face amount of any letters of credit outstanding under the revolving credit facility, which range from 0.84% to 2.00% per annum, in each case, depending on whether such letter of credit is a performance or financial letter of credit and our consolidated total leverage ratio.
+Added: During the Covenant Relief Period (as described in Part II, Item 8, Note 5, “ Debt Obligations” , of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K), borrowings under the Credit Agreement bear interest (A) from March 5, 2020 until the date of the Third Amendment, at a rate equal to one-month LIBOR plus 2.0%, (B) from the date of the Third Amendment until the date the administrative agent received our financial statements for the quarter ended July 3, 2020, at a rate equal to one-month LIBOR, plus an applicable margin of 1.50% with respect to Base Rate borrowings and 2.50% with respect to LIBOR borrowings and (C) at all other times during the Covenant Relief Period, at a rate equal to either, at our option, (i) the Base Rate or (ii) one-month LIBOR, in each case plus an applicable margin ranging from 0.125% to 1.50% with respect to Base Rate borrowings and 1.125% to 2.50% with respect to LIBOR borrowings, depending on our consolidated leverage ratio;
+Added: provided , that one-month LIBOR shall not be less than 0.75% during the Covenant Relief Period.
+Added: During the Covenant Relief Period, we will pay a commitment fee for the unused portion of the revolving credit facility and the delayed draw term loan facility, which ranges from 0.15% to 0.45% per annum depending on our consolidated leverage ratio, and fees on the face amount of any letters of credit outstanding under the revolving credit facility, which range from 0.84% to 2.50% per annum, in each case, depending on whether such letter of credit is a performance or financial letter of credit and the Leverage Ratio.
+Added: After the Covenant Relief Period, borrowings under the Credit Agreement will bear interest at a rate equal to either, at our option, (i) the Base Rate or (ii) one-month LIBOR, in each case plus an applicable margin ranging from
+Added: 0.125% to 1.00% with respect to Base Rate borrowings and 1.125% to 2.00% with respect to LIBOR borrowings, depending on our consolidated leverage ratio;
+Added: provided, that one-month LIBOR shall not be less than 0.00%.
+Added: After the Covenant Relief Period, we will pay a commitment fee for the unused portion of the revolving credit facility and the delayed draft term loan facility, which will range from 0.15% to 0.35% per annum depending on our consolidated leverage ratio, and fees on the face amount of any letters of credit outstanding under the revolving credit facility, which will range from 0.84% to 2.00% per annum, in each case, depending on whether such letter of credit is a performance or financial letter of credit and our consolidated leverage ratio.
The Term A Loan amortizes quarterly in installments of $2.5 million beginning with the fiscal quarter ending September 27, 2019, with a final payment of all then remaining principal and interest due on the maturity date of June 26, 2024.
4 unchanged sentences
The interest swap agreement expires on January 31, 2022.
−Removed: Based upon the amount of our outstanding indebtedness as of December 27, 2019, a one percentage point increase in the effective interest rate would change our annual interest expense by approximately $1.2 million in 2019.
−Removed: Risk Related to Potential LIBOR Transition
−Removed: All of our $130.0 million of debt outstanding under our credit agreement as of December 27, 2019 bears interest at a floating rate that uses LIBOR as the applicable reference rate to calculate the interest.
−Removed: The Chief Executive
−Removed: Financial Conduct Authority (the “FCA”), which regulates the London Interbank Offered Rate, or LIBOR, has announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021.
−Removed: That announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021.
−Removed: Moreover, it is possible that LIBOR will be discontinued or modified prior to 2021.
+Added: Based upon the amount of our outstanding indebtedness as of January 1, 2021, a one percentage point increase in the effective interest rate would change our annual interest expense by approximately $1.1 million in 2020.
+Added: Risk Related to LIBOR Transition
+Added: All of our $112.0 million of debt outstanding under our Credit Agreement as of January 1, 2021 bears interest at a floating rate that uses LIBOR as the applicable reference rate to calculate the interest.
+Added: The Chief Executive of the U.K.
+Added: Financial Conduct Authority (the “FCA”), which regulates the London Interbank Offered Rate, or LIBOR, has announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021.
+Added: However, for U.S dollar LIBOR, it now appears that the relevant date may be deferred to June 30, 2023 for certain lengths of time to maturity (including overnight and one, three, six and 12 months), at which time the LIBOR administrator has indicated that it intends to cease publication of U.S.
+Added: dollar LIBOR.
+Added: Despite this potential deferral, the LIBOR administrator has advised that no new contracts using U.S.
+Added: dollar LIBOR should be entered into after December 31, 2021.
+Added: These actions indicate that the continuation of U.S.
+Added: LIBOR on the current basis cannot and will not be guaranteed after June 30, 2023.
+Added: Moreover, it is possible that U.S.
+Added: LIBOR will be discontinued or modified prior to June 30, 2023.
+Added: At this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or any other reforms to LIBOR that may be implemented in the United Kingdom or elsewhere.
Our Credit Agreement provides that, if the administrative agent has determined that adequate means do not exist for ascertaining LIBOR or the lenders have advised the administrative agent that (i) LIBOR does not adequately and fairly reflect the cost to lenders for maintaining their loans or (ii) making or funding LIBOR loans has become impracticable for the lenders, then, unless we amend the Credit Agreement to replace LIBOR with an alternative reference rate, all of our outstanding loans under the Credit Agreement will be converted to Base Rate Loans and the component of the Base Rate based upon LIBOR will not be used in any determination of the Base Rate Further, the lenders under our credit agreement will no longer be obligated to make loans using LIBOR as the applicable reference rate.
−Removed: If the rate used to calculate interest on our outstanding floating rate debt under our credit agreement that currently uses LIBOR were to increase by 1.0% either as a result of an increase in LIBOR or the result of the conversion to Base Rate Loans, we would expect to incur additional interest expense on such indebtedness as of December 27, 2019 of approximately $1.2 million on an annualized basis.
+Added: If the rate used to calculate interest on our outstanding floating rate debt under our Credit Agreement that currently uses LIBOR were to increase by 1.0% either as a result of an increase in LIBOR or the result of the conversion to Base Rate Loans, we would expect to incur additional interest expense on such indebtedness as of January 1, 2021 of approximately $1.1 million on an annualized basis.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.